Canada's BlackBerry Ltd beat Wall Street estimates for second-quarter revenue on Wednesday amid strong demand for its cybersecurity and Internet of Things software products.
BlackBerry was dubbed a "meme stock" after a social media driven retail trading frenzy that began earlier this year sent its shares soaring. BlackBerry's stock has surged 40% so far this year.
However, the company warned that a drop in automobile production volumes due to COVID-19 closures and chip shortages will continue to adversely affect the company in the next two quarters this fiscal year., as the President of its cybersecurity business. Revenue fell to $175 million for the quarter ended Aug. 31, from $259 million a year earlier, but beat analysts' expectation of $163.5 million, according to IBES data from Refinitiv.
Net loss widened to $144 million, or 25 cents per share, from $23 million, or 4 cents per share, a year earlier. The company said a non-cash accounting adjustment to the fair value of convertible debentures, due to market and trading conditions, accounted for approximately $0.12 loss per share. Excluding items, the company posted a loss of 6 cents per share, nudging past analysts' expectations of loss of 7 cents.More from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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